Buy to Let by Foundation had added a duo of deals for F1 borrowers for clients with an almost clean credit history, offering a limited-edition five-year fixed rate up to 75% loan to value (LTV) with a rate of 5.44% and fixed fee of £4,995.

The deal has a minimum loan size of £200,000.

The firm has also brought out an F1 two-year fixed rate specialist product at 65% LTV, priced at 4.79% and 4.99% up to 75% LTV. Both products come with a 4% fee.

Special portfolio landlord-only F1 five-year rates have been cut by 0.1% and pricing starts from 4.89% with a 6% fee. It has lowered its 5% fee version, with rates starting from 5.09%.

The products come with no application fee and a free valuation.

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Residential by Foundation has cut rates in its F1 and F2 range, for borrowers with recent credit blips, regarding two-year fee-assisted fixed rates.

The F1 and F2 products have been reduced by 10 basis points, with rates now starting at 6.79% for F1 and 6.89% for F2, both for 65% LTV, with a £795 fee.

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “We are continuing to review our product offering across all of our lending brands, and are pleased to be offering these new two- and five-year buy-to-let options in our Core range, both available up to 75% LTV, with differing fee structures.

“At the same time, we can also cut pricing on our five-year fixes for portfolio landlords, plus are able to cut rates for both F1 and F2 specialist residential borrowers.”

He added: “We are now offering highly competitive rates for landlord borrowers who have an almost clean credit history, with selective two-year and five-year fixes now below 5%, depending on the type of landlord borrower. It’s important we continue to offer a wide range of product options to borrowers with different needs and circumstances.

“We’ll continue to review our offering and to ensure advisers have a strong depth of product options available to be able to support their specialist clients, whether landlords or owner-occupiers.”

 

MPowered Mortgages cuts two-year fixed rates

MPowered Mortgages has reduced rates for two-year fixed rate purchase mortgages for the second time this week.

The lender lowered its two-year fixed rates by up to 0.15% last week.

Two-year fixed rates at 60% LTV with a £999 arrangement fee now start at 4.58%, a fall from 4.63%, and 4.79%, a decrease from 4.89%, with no arrangement fee for new purchasers and homemovers.

Three-year fixed rates at 60% LTV with a £999 arrangement fee now start at 4.47%, a reduction from 4.55%, and 4.67%, down from 4.79%, with no arrangement fee for new purchasers and homemovers.

Three-year fixed rates for those remortgaging at 60% LTV with a £999 arrangement fee now start at 4.45%, down from 4.48%, and come with a legal fee-saver incentive package.

Stuart Cheetham, CEO of MPowered Mortgages, said: “Our data has shown that demand for two-year fixed rates has doubled since 2022, so it’s great that we are able to meet this demand by reducing our two-year rates further and faster. Cutting our three-year rates is also an important move, so that borrowers have as much choice as possible.

“Whilst it’s great news for borrowers that mortgage lenders are competing as hard as they can on rates, and with mortgage rates falling continually over the past couple of weeks, we are not out of the woods yet.

“Any major rate reductions depend on the Bank of England cutting the base rate, and it’s likely this could be pushed back, especially if it is revealed that the CPI increases tomorrow. Whilst the future direction of mortgage rates still remains uncertain, we would urge borrowers to remain cautious and encourage them to seek advice from a mortgage broker before choosing a mortgage.”